Shares of Northcoders Group plc rose almost 20% on Tuesday after it announced it was successful in securing further funding from the UK’s Department for Education Skills Bootcamps Wave 3 bid.

“This new round of funding provides Northcoders with £4 million worth of scholarships to train individuals on their market-leading bootcamp,” said the company.

Northcoders is an independent provider of training programmes for software coding and is based in Manchester, Leeds and Newcastle.

“The new contract provides the company with revenue visibility into FY23, which is expected to be another year of significant growth,” said Northcoders.

“Signing contracts such as this, and Northcoders initiatives such as the new corporate Developer Incubator, enable the company to plan revenue further into the future than ever before providing comfort for future targets.

“The funding has been awarded not only to teach software development, which is the group’s core offering, but can also be used to fund students in the group’s new Data Engineering business unit.

“The Data Engineering unit to be launched in Q4 2022, is the next discipline within the company’s product growth plan.

“The scholarship seats are eligible for award anywhere in England, which therefore also provides an opportunity to further grow the company’s geographical footprint including in London and other areas of the south of England.”

Northcoders CEO Chris Hill said: “I am delighted that Northcoders been able to secure this additional £4 million government funding through the Department for Education.

“As well as providing the company with additional revenue visibility, it also demonstrates how well-regarded our technology training courses are in the UK.

“With one of the company’s core values being to improve diversity and inclusion within the tech industry, Northcoders are pleased to continue to offer these scholarships that provide accessibility to people from all walks of life across the UK whilst helping address the significant UK digital skills gap.”